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The Technical Quiz – 29 November

To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions. Answers below.

The Technical Quiz MM 480

Question 1: What rate of CGT would a person pay if he had a capital gain of £30,000 and had earned income of £220,000?

A) 18%

B) 28%

C) 40%

D) 50%

Question 2: At what level of income does an individual start to lose his/her personal allowance?

A) £100,000

B) £116,010

C) £150,000

D) £200,000

Question 3: William and Mary make a gift of £10,000 to their 16 yr old student grandson, George. The money earns interest of £300. Who is liable for the tax on that £300?

A) William and Mary

B) George’s parents

C) George

D) Nobody, because George is a student and students don’t pay tax.

Question 4: Alfie is widower aged 71. His annual income for 2012/13 is £27,000. How will his age allowance be restricted for 2012/13?

A) By £1 for every £1 of his income that exceeds £25,400

B) By £1 for every £2 of his income that exceeds £25,400

C) By £2 for every £1 of his income that exceeds £25,400

D) It will not be restricted as he is aged 71

Question 5: At what age does an individual become eligible for a personal allowance to set against any income that he/she may be taxable on?

A) From birth

B) 7 years old

C) 14 years old

D) 16 years oldz

Questions supplied by Technical Connection

_________

Answers
1 B
2 A
3 C
4 B
5 A

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